Performance to January 2019

Our returns are net of all fees and costs and assume all distributions are reinvested. They do not take into account any entry or exit fees or taxes payable by investors.

Investments can go up and down. Past performance is not necessarily indicative of future performance. Investors should refer to the Packer & Co Investigator Trust Short Form Product Disclosure Statement.

Annual Returns to December

YEAR

PACKER & CO INVESTIGATOR TRUST

PACKER & CO PORTFOLIOS

2018

-0.8%

2017

9.5%

2016

13.3%

2015

10.4%

2014

10.3%

2013

43.6%

2012

11.6%

2011

9.0%

2010

-7.1%

2009

20.7%

2008

2.6%

2007

7.7%

2006

21.8%

2005

22.4%

2004

11.3%

2003

9.7%

2002

17.6%

2001

20.2%

2000

6.7%

1999

8.4%

1998

18.2%

1997

9.8%

1996

39.0%

1995

28.5%

1994

6.9%

Our annual returns comprise the average of the Packer & Co portfolios from 1993 to 1996, and the Packer & Co Investigator Trust from then on, assuming the reinvestment of all distributions. They are net of all fees and costs and do not take into account any entry or exit fees or taxes payable by investors.

Investments can go up and down. Past performance is not necessarily indicative of future performance. Investors should refer to the Packer & Co Investigator Trust Short Form Product Disclosure Statement.